The recent turn of events in the global economy have created a need a for a rapid adaption to the situation. The solutions offered by vendors in the Virtual Event Platform Market have been ideal in transitioning to remote working, ensuring business continuity. This has been the primary growth driver for the global Virtual Event Platform Market in recent years.
Study predicts that the demand for virtual events platforms will surge exponentially as entertainment, education, and corporate enterprises will all migrate to virtual event platforms to tackle the going COVID-19 pandemic.
Convenience of participating in these events through a smartphones or laptops has strengthened the case for the market, creating a massive opportunity for businessmen and artists alike to turn things around financially amidst a crisis.
As the health crisis worsens, the demand for virtual event platform is expected to soar. These network-based platforms enable attendees to connect and schedule appointments with sponsors, performers and exhibitors. Therefore, integration of networking capabilities to establish connectivity among attendees is boosting the growth of the global Virtual Event Platform Market. Additionally, collection of registration data helps virtual event organizers to gain actionable insights for decision making operations.
Key Strategies Incorporated by Virtual Event Platform Market Players
- Companies marketing virtual event platforms and services are deploying customized solutions integrated into the cloud. In April 2020, Hubilo deployed a cloud-based event management platform to help end-users host virtual events during the ongoing COVID-19 pandemic.
- Virtual fair, conference, and trade show platform providers are entering into strategic partnerships and collaborations with innovative technology providers in order to procure and integrate technologies like artificial intelligence (AI) and Deep Learning into their solutions.
- Several key players like Microsoft are harnessing their in-house research capabilities to develop innovative technologies compatible with their virtual event platforms.
Enhanced Accuracy in Attendee Data Collection
In the coming years, virtual event platforms are expected to collected copious amounts of data that will be generated due to various kinds of institutions and organizations using it. This unstructured data will be later used for identifying the prominent consumer sentiment to deliver improved and customized solutions.
An insight into consumer preferences for virtual events will prove to be exceptionally valuable for the vendors in the market. Developing insight-based strategies for technology enhancement and addition or modification of virtual content will allow the vendors to adapt to the changing needs of businesses and institutions.
Customers are procuring virtual event platforms with such integrated capabilities in order to benefit from traceable analytics and statistics.
“Virtual event platforms and services are proving to be astute solutions that enable end users to host events and interested attendees to stay connected. A high demand for these solutions is being observed in countries highly affected by COVID-19 cases, as key players are offering price relief for end users whose events got affected due to the stringent lockdowns,” says an analyst.
Competition Landscape of Virtual Event Platform Market
Virtual event platforms and service providers are deploying cloud-integrated virtual events management and hosting solutions for emerging end-users operating in banking, financial services, and insurance (BFSI), healthcare and consumer electronics industries. This strategy helps market players generate new revenue streams, especially during the ongoing COVID-19 crisis.
- For instance, in April 2020, the healthcare division of Wolters Kluwer, deployed virtual conferencing solutions for medical institutions and societies in order to virtually accommodate high profile meetings with heavy public throughput.
- This solution was widely adopted by end-users operating in healthcare and research and academia industries as professionals rushed to gain insights on the clinical studies performed to tackle rising COVID-19 infections.
End users operating in these industries are gaining technical support by forming partnerships and collaborations with leading networking and connectivity technologies providers.
For instance, In April 2020, ETBFSI, a BFSI division of The Economic Times in India, hosted the country’s first BFSI virtual summit. The virtual event platform was deployed by Dell and VMware. For virtual event technical and innovation support, ETBFSI partnered up with BMC Software, Ivalue, Nutanix, Tata Communications, Micro Focus, Aruba Systems and Shro Systems.
These insights are based on a report on Virtual Event Platform Market by Future Market Insights.